Do I Qualify for an IVA?

Is an IVA right for me and how do I qualify?

If we advise that an IVA would be a suitable option for you to consider, we’ll ensure we provide you with all the information you need to decide whether to proceed.

In the meantime, we’ve put together some helpful information here so you can learn more about IVAs and what they involve.

What’s an IVA?

“IVA” stands for Individual Voluntary Arrangement
It’s a formal, legally binding agreement between you and your creditors to pay back your debts over a fixed time period
It usually lasts for between five and six years, after which the remaining debt is written off
Ensures you only pay back what you can afford
Can help a wide range of people avoid bankruptcy and become debt-free
Protects your assets
The amount written off depends on your circumstances

Will I qualify for an IVA?

This depends on your situation. There are a few things in particular that we’d consider when looking into this option for you:

How much you owe
How much you can afford to pay back each month
Whether you have any assets that you want to protect
Where you live (IVAs aren’t available in Scotland, although a similar solution called a Trust Deed is)

Find out your options

If you want to find out whether you meet the criteria for an IVA or whether there are other debt solutions which are more suited to your circumstances, there are many ways to get in touch: